gets Cabinet nods for step-by-step privatisation

Bangchak Petroleum Plc (BCP) reported that the Cabinet yesterday agreed to the privatisation of the state enterprise by allowing the general public to take up 41% of the total registered capital on a step- by-step basis and increasing the scope of BCP's businesses. The move is to enhance the efficiency of BCP in its business operations. The share restructuring was jointly proposed by its three major shareholders -the Finance Ministry, the Petroleum Authority of Thailand and Krung Thai Bank Plc. Under the endorsed plan, the general public and the private sector would have their combined shareholdings rise by another 31%, broken down into 10% held by the Crown Property Bureau and the Industrial Finance Corporation of Thailand (IFCT), and 21% which will be gradually offerred to the general public. The distribution of the remaining 21% to other investors will be placed under the supervision of a committee set up by the Finance Ministry. The distribution will be done step-by-step to ensure the stability of the share price in line with the company's fundamentals. After the completion of the gradual privatisation, the Finance Ministry's holding in the company will be 41%, while the combined holdings of IFCT and the CrownProperty Bureau will be 10% and general public's share will be 41%. Translated by The Nati